According to the latest research report titled ‘Latin America Tire Market Analysis, 2020’, available with Market Study Report, Latin America tire market is estimated to grow substantially over the ensuing years, hence amassing huge revenues by the year 2025.
 

Escalating sales of passenger cars, two-wheelers, and light commercial vehicles is primarily driving Latin America tire market. The vehicle owners in the region are opting for low-cost solutions for their vehicles, and tires are imported from across the globe. Supportive government policies for expansion of automotive sector, and emphasis on tire manufacturing domestically are providing an impetus for market growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3114621/
 

As per the report, North America imports tires from various nations across Latin America region, including Argentina, Peru, and Columbia, which is generating revenues for LATAM tire industry.
 

The business intelligence report on Latin America tire market is a comprehensive documentation of this industry space and is inclusive of numerous vital aspects that influence the growth graph. While the study highlights the factors impelling the market growth, it also entails restraint & challenges, hence providing better understanding about the industry dynamics and enabling formation of robust strategies. The market sphere is studied with respect to rim size, season type, sales channel, tire terrain, demand category, and vehicle gamut.
 

As per vehicle gamut, Latin America tire industry is classified into off road tire, three-wheeler, two-wheeler, medium & heavy commercial vehicle, light commercial vehicle, and passenger car. The lattermost segment accounted for a large chunk of market share in the recent past.
 

Based on demand category, the market is divided into replacement, and OEM. As per the report, replacement segment held 70% market share in the past year, but OEM segment is gaining substantial traction. Establishment of new tire manufacturing facilities in the region is boosting the demand for tires from OEMs.
 

Speaking of tire terrain, Latin America tire market is split into bias, and radial, wherein the latter segment is slated to modestly over the forecast period, owing growing usage of radial tires in passenger cars.
 

Moving on to season, the market is segmented into summer tires, winter tires, and all season tires. The report cites that all season tires segment is estimated to lead the industry growth through 2025, while demand for summer tires is steadily increasing.
 

From country-level outlook, Chile tire market is reckoned to grow with strong CAGR over 2020-2025, owing to tire manufacturers emphasis on setting up facility in the country to meet the surging demand from automotive players and vehicle owners.